While rent in Toronto continues to skyrocket, one particular area of the city has actually experienced a slight downturn, according to Liv’s GTA Rent Report for November 2021.
Though the average rental price for a one-bedroom unit across Toronto sits at $1,735 — a jump from $1,696 in June of this year — in Etobicoke, a suburb on the west side of the city, the average rent actually dropped by 2.4 percent.
Further out of the core of Toronto and moving into the Greater Toronto Area, Brampton, Vaughan and Richmond Hill also experienced price drops. For example, the average cost of a unit in Brampton decreased to $1,514. In fact, even a two-bedroom apartment is relatively affordable in Brampton, coming in at $1,849.
“We’ll have to wait and see whether this is simply an unexpected exception to the stable prices of the past few months or the start of a larger trend,” reads a quote from the report.
On the increase side of the spectrum, North York experienced a 14.60 percent rent increase. Further, three-bedroom apartments in Etobicoke come in at a pricey $2,714.
Finally, the report also mentioned that there’s a possibility the rapid uptick in rent trends could be a brief irregularity, with rent cost settling back down to normal levels in the coming months.